Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

After firing Turkey's cenbank chief, Erdogan also removes deputy

Economic IndicatorsMar 30, 2021 03:35AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A logo of Turkey's Central Bank is pictured at the entrance of the bank's headquarters in Ankara

ISTANBUL (Reuters) -President Tayyip Erdogan removed a central bank deputy governor, Murat Cetinkaya, from his post on Tuesday, 10 days after he fired the bank's hawkish governor in a shock move that sent the lira down some 13%.

Banker Mustafa Duman was appointed to the post, according to the Official Gazette. He has held executive positions at Morgan Stanley (NYSE:MS) Securities and also had treasury, risk and auditing jobs in the financial sector, the central bank said.

The decree gave no reason for the change. Cetinkaya, a former CEO of the Istanbul stock exchange, had served since mid-2019 at the central bank, which has seen rapid turnover in its upper ranks including four governors in two years.

The lira weakened in response and touched 8.29 against the U.S. dollar, before firming to 8.26 by 0652 GMT.

On March 20, Erdogan ousted Naci Agbal, an orthodox governor who hiked the key interest rate to 19% to address double-digit inflation. Sahap Kavcioglu, who has supported the president's view that high rates cause inflation, was named the new chief.

The move led to market turmoil amid concerns Turkey may return to unorthodox economic policies and rapid rate cuts. Inflation stood at 15.6% in February.

Deutsche Bank (DE:DBKGn) estimated foreigners dumped between $750 million and $1 billion of Turkish equities last week, in addition to $500 to $750 million in local bonds.

In an interview with Bloomberg, new Central Bank Governor Sahap Kavcioglu dismissed "prejudiced" expectations of an early rate cut in April or the following months.

Responding to speculation that Turkey could impose capital controls to protect its currency, Erdogan's chief economic adviser, however, told Reuters it was not considering them.

After firing Turkey's cenbank chief, Erdogan also removes deputy
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email